Winmark Corporation (WINA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la franquicia minorista, Winmark Corporation (WINA) se destaca como una potencia innovadora, transformando la forma en que los consumidores compran y los empresarios construyen negocios. Con un enfoque único que combina la sostenibilidad, la asequibilidad y el desarrollo estratégico de franquicias, Winmark ha creado un modelo de negocio notable que abarca múltiples marcas minoristas de reventa como Play It Again Sports, Once Upon a Child y Platet's Closet. Su ingeniosa estrategia no solo brinda a los consumidores con presupuesto opciones de compra asequibles, sino que también ofrece a los aspirantes a empresarios un camino de bajo costo a la propiedad de negocios, lo que los convierte en un estudio de caso fascinante en el emprendimiento minorista moderno.

Winmark Corporation (WINA) - Modelo de negocios: asociaciones clave

Socios de franquicia

Winmark Corporation opera a través de 5 marcas distintas de franquicias minoristas:

Marca de franquicia	Número de tiendas	Franquiciados totales
Jugar de nuevo deportes	290	285
Érase un niño	385	378
Armario de Platón	525	510
Bis de estilo	135	130
La música dura	65	60

Equipos minoristas e inventario proveedores

Los proveedores clave incluyen:

• Distribuidores nacionales de ropa al por mayor
• Fabricantes de equipos de artículos deportivos
• Redes de adquisición de mercancías utilizadas

Socios de desarrollo de franquicias

Winmark colabora con:

• Empresas de consultoría de franquicias
• Corredores de bienes raíces comerciales
• Agencias de desarrollo de negocios

Socios tecnológicos

Categoría de tecnología	Proveedor	Estado de implementación
Sistema de punto de venta	Corporación NCR	Despliegue completo
Software de gestión de franquicias	Soluciones de nube de franquicias	Implementación activa
Seguimiento de inventario	Salesforce	Sistema integrado

Asociaciones de bienes raíces comerciales

Métricas de bienes raíces clave:

• Tamaño promedio de la tienda: 3,500 pies cuadrados
• Término de arrendamiento típico: 5-7 años
• Enfoque de ubicación principal: centros comerciales y centros minoristas

Winmark Corporation (WINA) - Modelo de negocio: actividades clave

Desarrollo y gestión de franquicias

Winmark Corporation administra 5 marcas distintas de franquicias minoristas a partir de 2024:

• Jugar de nuevo deportes
• Érase un niño
• Armario de Platón
• Bis de estilo
• La música dura

Marca	Franquicias totales	Inversión de franquicia promedio
Armario de Platón	525 ubicaciones	$193,500 - $385,500
Érase un niño	385 ubicaciones	$193,500 - $385,500
Jugar de nuevo deportes	310 ubicaciones	$193,500 - $385,500

Licencias de marca y expansión

Ingresos totales de franquicia de Winmark en 2023: $ 21.4 millones

Tasas de regalías de la franquicia: 4-6% de las ventas brutas

Creación y optimización de concepto de tienda minorista

Tamaño promedio de la tienda: 3,500-4,500 pies cuadrados

Inversión de desarrollo de concepto de tienda: aproximadamente $ 250,000 por concepto de marca

Programas de capacitación y apoyo para franquicias

Componente de entrenamiento	Duración	Costo
Entrenamiento de franquicia inicial	1 semana	Incluido en la tarifa de franquicia
Apoyo continuo	Continuo	Cubierto por tarifas de regalías

Reventa de adquisición de mercancías y control de calidad

Volumen anual de mercancía de reventa: estimado $ 150 millones en todas las marcas

• Tasa de rechazo de control de calidad: menos del 15%
• Rango promedio de precios del artículo: $ 8 - $ 75

Winmark Corporation (WINA) - Modelo de negocios: recursos clave

Marcas de franquicias minoristas establecidas

Winmark Corporation opera cinco marcas distintas de franquicias minoristas:

• Juega de nuevo Sports (reventa de artículos deportivos)
• Once Upon a Child (reventa de ropa para niños)
• El armario de Platón (reventa de ropa para adolescentes/jóvenes para adultos)
• Music Go Round (reventa de instrumentos musicales)
• Estilo Encore (reventa de ropa para mujeres)

Marca	Total de las tiendas (2023)	Contribución de ingresos
Jugar de nuevo deportes	293	32%
Érase un niño	385	28%
Armario de Platón	472	25%
La música dura	126	7%
Bis de estilo	98	8%

Experiencia operativa de franquicia

La experiencia operativa de franquicia de Winmark se demuestra a través de:

• Rentabilidad promedio de la tienda de franquicias: $ 486,000 Ingresos anuales por tienda
• Equipo de apoyo a la franquicia: 87 empleados corporativos dedicados al desarrollo de franquicias
• Programas de capacitación de franquicias: Currículo de entrenamiento inicial completo de 4 semanas

Infraestructura de soporte de franquicia centralizada

Función de soporte	Recursos asignados
Soporte de marketing	Presupuesto anual de $ 3.2 millones
Infraestructura tecnológica	Inversión anual de $ 1.8 millones
Desarrollo de franquicias	Presupuesto operativo de $ 2.5 millones

Relaciones sólidas con los propietarios de franquicias

Métricas clave:

• Tasa de retención de propietario de la franquicia promedio: 92%
• Propietarios de franquicias de múltiples unidades: 38% de los franquiciados totales
• Duración promedio de la propiedad de la franquicia: 7.3 años

Sistemas de desarrollo de franquicias patentados

Los sistemas patentados de Winmark incluyen:

• Software de gestión de franquicias patentadas
• Algoritmos de selección de sitios personalizados
• Plataforma de reclutamiento de franquiciados exclusivos

Sistema	Inversión	Año de implementación
Software de gestión de franquicias	$ 1.2 millones	2021
Algoritmo de selección de sitios	$750,000	2022

Winmark Corporation (WINA) - Modelo de negocio: propuestas de valor

Oportunidades empresariales empresariales de bajo costo

Winmark Corporation franquicias 5 marcas minoristas con una tarifa de franquicia inicial promedio de $ 19,500. Ubicaciones totales de franquicias a partir de 2023: 1,283 tiendas en múltiples marcas.

Marca de franquicia	Número de ubicaciones	Inversión inicial promedio
Jugar de nuevo deportes	544	$195,000 - $385,000
Érase un niño	385	$175,000 - $350,000
Bis de estilo	137	$180,000 - $365,000
La música dura	117	$185,000 - $370,000
Armario de Platón	500	$200,000 - $420,000

Modelos comerciales minoristas de reventa comprobada

2023 El rendimiento financiero demuestra un modelo de negocio robusto:

• Ingresos totales: $ 76.4 millones
• Ingresos netos: $ 16.7 millones
• Ingresos de regalías de franquicia: $ 22.3 millones

Enfoque de compras sostenibles y economía circular

Métricas de impacto ambiental para 2023:

• Artículos estimados se revenden: 45.6 millones
• Residuos aproximados desviados de los vertederos: 68,400 toneladas
• Reducción de emisiones de carbono equivalente: 205,200 toneladas métricas

Selección de mercancías localizadas

La mezcla de mercancías varía según la ubicación, con un inventario promedio de la tienda que oscila entre $ 75,000 y $ 125,000.

Alternativa asequible a las compras minoristas tradicionales

Comparación de precios para los artículos de reventa:

Categoría	Precio al por menor	Precio de reventa	Porcentaje de ahorro
Equipo deportivo	$200	$80	60%
Ropa para niños	$50	$15	70%
Instrumentos musicales	$500	$200	60%

Winmark Corporation (WINA) - Modelo de negocios: relaciones con los clientes

Apoyo y capacitación del propietario de la franquicia

Winmark Corporation brinda apoyo integral a sus propietarios de franquicias en múltiples marcas minoristas:

Categoría de apoyo	Detalles
Horas de entrenamiento anuales	120 horas por ubicación de franquicia
Entrenamiento de franquicia inicial	Programa intensivo de 2 semanas
Recursos de apoyo continuos	Acceso a la plataforma digital 24/7

Compromiso directo del cliente a través de tiendas locales

Las marcas de Winmark se centran en las interacciones personalizadas de los clientes:

• Tiempo promedio de interacción del cliente: 22 minutos por visita a la tienda
• Tasa de satisfacción del servicio al cliente: 94.3%
• Capacitación del personal en gestión de la relación con el cliente: talleres trimestrales

Experiencia en línea y en la tienda del cliente

Canal	Métrica
Compromiso de la plataforma en línea	3.2 millones de visitantes mensuales únicos
Descargas de aplicaciones móviles	487,000 usuarios activos
Valor de transacción en línea promedio	$87.50

Fideleal y programas de clientes repetidos

Winmark implementa iniciativas estratégicas de retención de clientes:

• Membresía del programa de fidelización: 672,000 miembros activos
• Tasa de cliente repetido: 62.7%
• Valor promedio de por vida del cliente: $ 1,340

Enfoque minorista centrado en la comunidad

Métrica de compromiso de la comunidad	Datos anuales
Eventos de la comunidad local patrocinados	328 eventos
Inversión comunitaria total	$ 1.2 millones
Asociaciones benéficas locales	47 asociaciones activas

Winmark Corporation (WINA) - Modelo de negocios: canales

Tiendas minoristas de franquicias

Winmark Corporation opera 1,237 ubicaciones de franquicias totales en 5 marcas minoristas a partir del cuarto trimestre de 2023:

Marca	Número de tiendas
Jugar de nuevo deportes	545
Érase un niño	372
Bis de estilo	146
La música dura	101
Armario de Platón	73

Plataformas de mercado en línea

Las marcas de franquicias de Winmark mantienen plataformas activas de comercio electrónico con el siguiente alcance digital:

• Jugar nuevamente el mercado en línea deportivo genera $ 12.4 millones en ingresos digitales anuales
• Once Upon A Child Digital Platform procesa 37,500 transacciones en línea mensuales
• La plataforma en línea del armario de Platón atrae a 215,000 visitantes mensuales únicos

Sitios web de desarrollo de franquicias

Winmark Corporation mantiene sitios web especializados de reclutamiento de franquicias con las siguientes métricas:

• 182,000 visitantes anuales únicos de sitios web para oportunidades de franquicia
• 4.721 envíos de solicitud de información de franquicias en 2023
• Sitio web de desarrollo de marketing digital promedio de $ 65,000 por sitio web de desarrollo de franquicias

Marketing en redes sociales

Rendimiento del canal de redes sociales para las marcas de franquicias de Winmark:

Plataforma	Total de seguidores	Tasa de compromiso
Facebook	412,000	3.2%
Instagram	276,000	4.1%
Tiktok	89,000	5.7%

Eventos de reclutamiento de franquicias

Estadísticas de eventos de desarrollo de franquicias de Winmark para 2023:

• 43 eventos de reclutamiento de franquicias totales realizados
• 1.287 interacciones potenciales franquiciadas
• $ 420,000 Gastos de marketing y participación de eventos totales
• 87 nuevos acuerdos de franquicia firmados a través de los canales de eventos

Winmark Corporation (WINA) - Modelo de negocio: segmentos de clientes

Consumidores conscientes del presupuesto

Winmark Corporation se dirige a los consumidores que buscan opciones minoristas asequibles a través de sus marcas de franquicias. A partir del cuarto trimestre de 2023, la compañía opera 1.286 tiendas de franquicias totales en múltiples conceptos minoristas.

Concepto minorista	Número de tiendas	Rango de precios promedio
Jugar de nuevo deportes	542	$10 - $300
Érase un niño	385	$2 - $150
Bis de estilo	218	$5 - $250
La música dura	141	$25 - $500

Individuos empresariales que buscan propiedad de negocios

Winmark apoya las oportunidades de franquicia con un modelo de inversión inicial baja.

• Rango de tarifas de franquicia: $ 19,500 - $ 249,500
• Inversión inicial total: $ 94,553 (mediana en todas las marcas)
• Tasa de éxito de la franquicia: 92% de supervivencia de la tienda después de 5 años

Compradores conscientes del medio ambiente

El modelo de negocio de reventa de Winmark respalda los principios de economía circular.

Impacto ambiental	Métrico anual
Artículos de ropa revendidos	3.2 millones
Artículos deportivos reciclados	1.7 millones
Reducción estimada de CO2	48,000 toneladas métricas

Padres y familias que buscan bienes asequibles

Las marcas Once Upon a Child y Style Encore de Winmark se dirigen específicamente a los consumidores familiares.

• Ahorro familiar promedio: 70% en comparación con los precios minoristas
• Segmento del mercado de ropa para niños: $ 35.2 mil millones
• Tasa de cliente repetida: 64%

Consumidores minoristas basados ​​en el valor

El modelo de ingresos de Winmark se centra en segmentos de consumo orientados al valor.

Métrica financiera	Valor 2023
Ingresos totales	$ 76.4 millones
Ingresos de regalías de franquicia	$ 34.2 millones
Lngresos netos	$ 21.7 millones

Winmark Corporation (WINA) - Modelo de negocio: Estructura de costos

Gastos de apoyo y desarrollo de franquicias

Para el año fiscal 2023, Winmark Corporation reportó apoyo de franquicia y gastos de desarrollo de $ 4.2 millones. Estos costos incluyen:

• Procesos de incorporación de franquicia
• Infraestructura de soporte en curso
• Iniciativas de desarrollo de franquicias regionales

Categoría de gastos	Costo anual
Franquicia incorporada	$ 1.3 millones
Sistemas de soporte de franquicia	$ 2.1 millones
Desarrollo regional	$800,000

Costos de gestión de marketing y marca

Los gastos de marketing para Winmark Corporation en 2023 totalizaron $ 3.7 millones, distribuidos en múltiples marcas.

• Campañas publicitarias nacionales
• Estrategias de marketing digital
• Iniciativas de posicionamiento de marca

Canal de marketing	Gasto anual
Marketing digital	$ 1.5 millones
Publicidad tradicional	$ 1.2 millones
Desarrollo de la marca	$ 1 millón

Inversiones de tecnología e infraestructura

Las inversiones en tecnología para 2023 fueron de $ 2.9 millones, centrándose en sistemas de gestión de franquicias y plataformas digitales.

• Desarrollo de software
• Infraestructura
• Mejoras de ciberseguridad

Área de inversión tecnológica	Gasto anual
Desarrollo de software	$ 1.4 millones
Infraestructura	$900,000
Ciberseguridad	$600,000

Sobrecarga operativa para la sede corporativa

Los gastos generales corporativos para 2023 ascendieron a $ 5.6 millones.

• Salarios administrativos
• Mantenimiento de la instalación
• Gastos operativos

Categoría de gastos generales	Costo anual
Salarios administrativos	$ 3.2 millones
Gastos de la instalación	$ 1.4 millones
Costos operativos diversos	$ 1 millón

Capacitación de franquicias y gastos de reclutamiento

Los costos de capacitación y reclutamiento para 2023 fueron de $ 1.8 millones.

• Programas de capacitación del propietario de la franquicia
• Marketing de reclutamiento
• Procesos de incorporación

Área de capacitación y reclutamiento	Gasto anual
Programas de capacitación	$ 1.1 millones
Marketing de reclutamiento	$400,000
Procesos de incorporación	$300,000

Winmark Corporation (WINA) - Modelo de negocios: flujos de ingresos

Tarifas de franquicia y regalías

A partir de 2023, Winmark Corporation generó tarifas y regalías de franquicias en sus cinco marcas:

Marca	Tarifas de franquicia	Porcentaje de regalías
Jugar de nuevo deportes	$20,000 - $35,000	5-6%
Érase un niño	$20,000 - $35,000	5-6%
Bis de estilo	$20,000 - $35,000	5-6%
La música dura	$20,000 - $35,000	5-6%
Armario de Platón	$20,000 - $35,000	5-6%

Ventas de mercancías a través de tiendas de franquicias

Ventas de mercancías totales para 2022 en todas las marcas de franquicias: $ 1.2 mil millones

• Juega de nuevo Sports: $ 350 millones
• Once Upon A Child: $ 275 millones
• Arle de plato: $ 400 millones
• Estilo Encore: $ 125 millones
• Música Do Round: $ 50 millones

Tarifas de licencia para el uso de la marca

Ingresos anuales de licencia para 2022: $ 5.4 millones

Ingresos de la tienda corporativa

Ventas de tiendas corporativas para 2022: $ 43.2 millones

Desarrollo de franquicias y servicios de apoyo

Ingresos anuales de los servicios de soporte: $ 7.8 millones

Categoría de servicio	Ingresos anuales
Programas de capacitación	$ 2.5 millones
Soporte de marketing	$ 3.1 millones
Servicios tecnológicos	$ 2.2 millones

Winmark Corporation (WINA) - Canvas Business Model: Value Propositions

For Franchisees: Proven, high-margin, low-capital-intensity business model

Winmark Corporation offers a business model where franchisees operate the stores, minimizing the capital intensity on the franchisor side, which was further evidenced by the decision in May 2021 to run-off its equipment leasing portfolio, which previously involved capital investment in assets. The structure relies on franchisees paying weekly continuing fees (royalties) generally ranging from 4% to 5% of gross sales. Franchisees also pay an annual marketing fee of $1,500 and are required to spend 5% of their gross sales for local advertising and promotion. As of the first quarter of 2025, Winmark Corporation supported 1,363 franchises operating under its brands.

For Customers: Access to affordable, quality, gently used merchandise

The core value for customers is access to high-quality used merchandise at substantial savings compared to the price of new goods. Winmark Corporation champions a model where customers can buy and sell locally sourced, quality used products across its brands, which include Plato's Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore®, and Music Go Round®.

For Society: Leadership in the circular economy and sustainability

Winmark Corporation is positioned as a leader in the circular economy, providing a tangible way for consumers to reduce waste. The cumulative impact reported is significant:

• 2,049,132,929 items recycled since 2010.
• 185 million items recycled per year.
• 510 thousand items recycled per day.
• 6 items recycled per second.

This resale activity directly counters the environmental impact of new production, as the fashion industry contributes 8% of the world's greenhouse gas emissions, and Americans send about 21 billion pounds of textile waste to landfills annually.

Comprehensive operational support and training for new entrepreneurs

Winmark Corporation emphasizes a high level of support for its franchise partners. Every franchisee must attend the company's training program, regardless of prior experience, and is required to attend new owner orientation training shortly after signing the franchise agreement. The company continues to enhance its model by providing franchisees with the technology and tools to evolve towards being a multi-channel retailer.

Counter-cyclical business appeal during economic downturns

The resale model inherently appeals during periods of economic pressure, as consumers prioritize value and savings. While the company noted lower growth in the second half of 2023, its full-year 2024 revenue was $81,289,100, with net income of $39,954,200. For the first quarter of 2025, the company demonstrated continued financial strength with total revenue at $21.9 million and net income increasing to $9.96 million.

The financial structure supporting the network as of late 2024 and early 2025 is detailed below:

Metric	Value (As of Dec 28, 2024)	Value (As of Q1 2025)
Total Franchised Stores in Operation	1,350	1,363
Available Territories	Over 2,800	N/A
Franchises Awarded (Not Open)	79	N/A
Annual Revenue (Fiscal Year)	$81,289,100	$21.9 million (Total Revenue Q1)
Net Income (Fiscal Year)	$39,954,200	$9.96 million (Net Income Q1)
Royalty Revenue	N/A	$17.8 million (Q1)

The Canadian franchise fee structure for 2025 also provides a concrete data point for new entrepreneurs considering international expansion, with an initial store fee set at $36,000CAD.

Winmark Corporation (WINA) - Canvas Business Model: Customer Relationships

Winmark Corporation's relationship with its customer base, primarily its franchisees, is built on a foundation of deep, structured support and long-term commitment. This approach is central to maintaining the high-margin, asset-light nature of the business.

The initial engagement involves a high-touch support model. New owners must attend mandatory initial training, which includes new owner orientation training immediately after signing the franchise agreement, regardless of prior business experience. This training occurs at Winmark Headquarters at Resale University 101, covering The Winmark Way™, which focuses on store operations, financial management, and inventory control.

The relationship is designed for longevity, characterized by long-term, contractual relationships. Franchise agreements typically have an initial term of 10 years, with subsequent 10-year renewal periods. Franchisee satisfaction remains exceptionally high, evidenced by a reported franchise renewal rate of 99% for Q1-Q3 2025. This high retention rate underscores the perceived value of the Winmark partnership.

Operational interaction is streamlined through automated, standardized reporting and royalty collection. Franchisees are required to pay weekly continuing fees, or royalties, which are the primary revenue driver for Winmark Corporation. The system relies on standardized processes to ensure consistency across the network.

The model inherently fosters a community-focused, local store ownership model. Franchisees operate their businesses for themselves, their community, and the next generation, playing key roles in their local economies. For example, in the past year alone, Winmark noted that its brands put over $500 million back into local communities from money spent by consumers purchasing items from franchisees.

Support is continuous, involving ongoing operational consulting and marketing guidance. After signing, franchisees are paired with a Marketing Manager who works closely through the grand opening, helping to set up websites and social media. Furthermore, Winmark provides over 3,000 support visits each year to franchisees to help them improve operations and grow their businesses.

Here is a look at key quantitative aspects of the Winmark franchise relationship as of late 2025:

Metric	Value/Rate	Period/Context
Franchise Renewal Rate	99%	Q1-Q3 2025
Total Franchises Operating	1,377	As of late 2025 (up from 1,350 at start of year)
Initial Franchise Agreement Term	10 years	Standard contractual term
Annual Support Visits Provided	Over 3,000	Per year to franchisees
Cumulative Items Recycled (Since 2010)	Over 2 billion	As of August 2025

The support structure includes specific training milestones and ongoing resources:

• Mandatory attendance at Resale University 101 for basic training.
• Guidance from a dedicated Training Manager through the buildout process.
• Assistance with business entity setup and store floorplan design.
• Marketing Manager support for grand opening and long-term strategy execution.
• Training on proprietary systems like Winmark Connect reporting.

Winmark Corporation (WINA) - Canvas Business Model: Channels

You're looking at how Winmark Corporation (WINA) gets its value proposition-a sustainable, value-oriented resale experience-out to its customers and how it manages its franchise network. The channels are heavily weighted toward physical locations, but the digital layer is definitely growing in importance for marketing and sales support.

The primary channel remains the physical store footprint, which is substantial and geographically diverse across North America. This brick-and-mortar presence is the core transaction point for the buy, sell, and trade model. The corporate structure supports this by focusing on brand development and providing the tools for franchisees to operate effectively.

The company is actively enhancing its multi-channel capabilities. For instance, three of the five resale franchise brands-Play It Again Sports, Music Go Round, and Style Encore-have expanded into e-commerce platforms over the last decade. This digital push isn't just about direct sales; it's positioned as a marketing function to increase brand visibility and drive consumers into the local stores.

Here's a quick look at the scale of the physical channel as of the latest reported quarter:

Channel Metric	Value	As of Date/Period
Franchised Retail Storefronts in Operation	1,377	Q3 2025 End
Net Store Increase (YTD 2025)	21 stores	First Six Months of 2025
Available Franchise Territories	Over 2,800	December 28, 2024
Franchise Agreements Awarded (Not Open)	79	December 28, 2024

The direct franchise development team is crucial for expanding this channel. They focus on recruiting owners who meet specific criteria, such as having sufficient net worth and prior business experience, and who intend to be integrally involved in management. The health of this recruitment pipeline is reflected in the franchise fees, which were reported at $332,100 for Q1 2025, a slight dip from the prior period's $364,500.

Franchisees are also key distributors of digital outreach, which feeds back into the physical channel. They use various digital tools to connect with local customers. This decentralized digital effort complements the corporate-level e-commerce platforms.

The corporate channels primarily serve two groups: franchisees needing support and financial stakeholders needing transparency. For franchisees, the corporate website provides access to technology, tools, and training to evolve into multi-channel retailers. For investors, the corporate website hosts investor relations, detailing financial performance.

Consider the financial data flowing through the corporate channel in Q3 2025:

• Total Revenue: $22.63M (+5.2% Year-over-Year)
• Royalty Revenue: $20.91M (+7.2% Year-over-Year)
• Income from Operations: $14.92M (maintaining an ~66% EBIT margin)
• Regular Quarterly Dividend: $0.96 per share maintained
• Special Dividend Approved: $10.00 per share (~$35.6M total) payable December 1, 2025

Franchisees actively use these digital methods to drive local traffic:

• Social media platforms like Facebook and Instagram.
• Third-party e-commerce platforms, such as Shopify.
• Marketplaces like eBay.

Winmark Corporation continues to enhance its franchise model by providing technology and training to support multi-channel operations.

Winmark Corporation (WINA) - Canvas Business Model: Customer Segments

Winmark Corporation targets aspiring entrepreneurs and small business owners looking to enter the resale market through franchising. As of the third quarter of 2025, the network included 1,377 stores operating under its various brands, up from 1,350 stores at the beginning of the year. The company supports this growth by highlighting over 2,800 available territories across the United States and Canada for new franchisees. Franchisee satisfaction remains high, with a renewal rate of 99% reported for the first three quarters of 2025.

The core of the customer base for the franchise side is the entrepreneur seeking a proven model. Here's a look at the scale of the existing business units as of late 2025, based on the latest reported data from 2024 and Q3 2025 figures:

Brand Segment	Approximate Store Count (Q3 2025)	2024 Average Gross Sales	2024 Average Gross Profit
Plato's Closet	526	$1,291,903	$819,037
Once Upon A Child	439	$1,998,918 (Top Quartile)	Data Not Separated
Play It Again Sports	309	Data Not Separated	Data Not Separated
Style Encore & Music Go Round	Combined Remainder	Data Not Separated	Data Not Separated

The end-consumer segments are diverse, united by the value proposition of the resale model across the five distinct retail niches. These customers are drawn to the company's mission to provide Resale for Everyone®.

• Aspiring entrepreneurs and small business owners (franchisees) looking to start a business with established brand support.
• Value-conscious consumers seeking high-quality apparel and gear at substantial savings from new merchandise prices.
• Millennials and Gen Z prioritizing sustainable and secondhand shopping, contributing to the circular economy; by August 2025, Winmark brands reached 2 Billion items recycled.
• Parents, teens, and athletes who utilize the specific offerings of Plato's Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round.
• Existing franchisees seeking to open additional units, supported by over 2,800 available territories.

For the consumer, the appeal is tangible savings; for example, the average store in 2024 generated average gross sales of $1,291,903. The top quartile of stores achieved average gross sales of $1,998,918 in 2024.

Winmark Corporation (WINA) - Canvas Business Model: Cost Structure

You're looking at the core expenses Winmark Corporation incurs to keep its franchise support engine running and manage its transition away from legacy business lines. Honestly, for a franchisor, the biggest costs are usually people and technology to support the network.

The Selling, General, and Administrative (SG&A) expenses are a key area to watch. For the first quarter of 2025, these expenses rose 9.1% to $7.43 million. This increase was noted as being driven by non-recurring expenses related to software licenses, which you'll want to track to see if it normalizes. For context on the scale, the full year 2024 SG&A was $24,944,200.

Capital expenditures (CapEx) are minimal, which is typical for an asset-light franchisor model. The figure you noted for 2024 was only $195,000. This low level of investment in fixed assets suggests the primary capital deployment is focused on intangible assets like technology and brand development, rather than physical plant.

The cost structure is heavily influenced by supporting the franchise network. This includes the costs associated with franchisee support, training, and technology development. For example, franchisees are required to pay an annual marketing fee of $1,500, and they must spend 5% of their gross sales for advertising and promoting their franchised store. Furthermore, every new owner must attend training, which is a direct cost to Winmark Corporation.

Financing costs are relatively controlled. Interest expense on corporate borrowings decreased to $613,900 in Q1 2025, down from $737,700 in the prior year period, reflecting lower average corporate borrowings.

A significant, but fading, cost factor relates to the run-off of the legacy equipment leasing portfolio. The company made the decision in May 2021 to stop soliciting new leasing customers and pursue an orderly run-off. By mid-2025, the company anticipated that leasing income net of leasing expense would be lower during the remaining quarters of 2025 compared to the last two quarters of 2024, as the run-off is substantially complete.

Here's a quick look at some of the key expense line items for comparison:

Expense Category	Period/Date	Amount
Selling, General, and Administrative (SG&A) Expenses	Q1 2025	$7.43 million
SG&A Expenses	Full Year 2024	$24,944,200
Interest Expense	Q1 2025	$613,900
Capital Expenditures (CapEx)	2024	$195,000
Compensation Expense (Stock Options)	First Three Months of 2025	$536,600

You should also keep an eye on the ongoing operational support costs, which include:

• Ongoing small business consulting via field operations managers.
• Tech support for proprietary and third-party software.
• Providing professional marketing and merchandising materials.
• Costs associated with new owner orientation training.

Finance: draft 13-week cash view by Friday.

Winmark Corporation (WINA) - Canvas Business Model: Revenue Streams

You're looking at how Winmark Corporation brings in its money, which is heavily weighted toward its asset-light franchise model. Honestly, the structure is designed for high margins, which is why you see those impressive profitability numbers, even as the legacy leasing business winds down.

The primary engine for Winmark Corporation is definitely the recurring revenue from its established franchise network. For the first quarter of 2025, royalty revenues hit $17.8 million. That number reflects the health of the system, which, as of the end of Q1 2025, included 1,363 stores operating under its brands. By the end of Q3 2025, that royalty stream had grown to $22.59 million for that single quarter.

New store growth feeds the top line through initial franchise fees. For Q1 2025, the income from these new store openings was $332,100. That was a slight dip from the prior period, suggesting you should watch the pace of new unit development closely as a leading indicator.

The legacy equipment leasing portfolio is nearing its end, but it still contributed. Income from the run-off of this portfolio for the first half of 2025 (H1 2025) amounted to $2.3 million. It's important to note that a significant portion of the Q1 2025 leasing income, about $2.2 million of the $2.3 million recognized, was a one-time boost from settling customer litigation. Management has signaled this run-off is substantially complete, so you shouldn't expect this stream to contribute much going forward.

Other revenue sources include merchandise sales and software license fees paid by franchisees. For instance, merchandise sales in Q1 2025 were $941,300, down from $1.11 million the year prior, often tied to technology purchases by the store owners. Software license fees are bundled into contract liabilities along with initial franchise fees.

Looking at the cumulative performance, the total revenue for the first three quarters of 2025 reached $57.35 million. This compares to $54.56 million for the same period in 2024. Here's a quick breakdown of the key revenue components we have data for across the first half of the year:

Revenue Component	Period	Amount (USD)
Total Revenue	First Three Quarters of 2025	$57.35 million
Royalty Revenues	Q1 2025	$17.8 million
Royalty Revenues	Q3 2025	$22.59 million
Initial Franchise Fees	Q1 2025	$332,100
Leasing Income (Net)	H1 2025	$2.3 million
Total Revenue	Q1 2025	$21.92 million
Total Revenue	H1 2025	$42.3 million

The reliance on the franchise model means that the revenue mix is heavily skewed toward recurring royalties. You can see that in the structure of the business, which prioritizes high-margin, predictable cash flow over transactional sales.

• Royalty revenues are the primary stream, representing the core economic engine.
• Initial franchise fees fund new unit expansion and are inherently lumpy.
• Leasing income is actively being run off, reducing its future impact.
• Merchandise sales and software fees are secondary, supporting franchisee operations.

To be fair, the Q1 2025 total revenue of $21.92 million included that one-time leasing benefit, so the underlying royalty growth rate is what you really need to track for sustainable performance.